WyckoffTrader-AMTurn-05162024
YES. I have skin in the game. I trade my own personal account. Sardine / Tuna / Billfish trades are for educational purposes only. I am NOT a futures broker and do not manage any accounts. It is my intent to show where trades may occur. What you do is up to you. You can follow my IDEAS to profit or loss. You determine trade size, when, where and how you trade. (CFTC) Futures is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest, know how much you can afford to lose.
NEWS / FUNDAMENTALS
(Reuters)
Stocks moved to the upside early in the session on Friday but showed a lack of direction over the remainder of the trading day. The major averages eventually ended the day mixed, although the Dow closed higher for the eighth consecutive session. Wall Street partly reflected recently renewed optimism.
Yesterday's Technical Review using
WB's Emini Clock and Wyckoff's Tape Reading Principles
IMPRO: Wyckoff Trader :(12:26:13 PM) : The Composite Man looks ready, willing, and able to lift these offers on to higher highs
I've been beating that drum for a couple of days. Yes Wesport Funds were hit at lunch and at the close. The algos did not keep them down. When I first started counting with the hand drawn point and figure charts. The Composite Man saw an opportunity to lift price and start the mark up.
There are just a few shelfs of supply to absorb and then it's on ward and upward.
Dont' forget, it's an election year. All the gold is gone out of the emerengy reserves. The only other card to play is the 401K.
Durring JP last mike: IMPRO: Wyckoff Trader :(10:02:16 AM) : this high powered expert just said; Okie Doke. I havent heard that in decades. IMPRO: Wyckoff Trader :(10:03:46 AM) : Okie Doke; looks like they are still buying IMPRO: Wyckoff Trader :(10:30:04 AM) : they were full out buying from 9:38 to 9:43
And this: IMPRO: Wyckoff Trader :(3:37:00 PM) : Now trading at mR1 monthly the weekly pivot held the CPI
(3:37:57 PM) : R2 at 78 IMPRO: Wyckoff Trader :(8:33:07 AM) : 5329 weekly in sights (8:36:13 AM) : question is are they willing to lift the offer to higher highs
(9:36:54 AM) : 5286 Weekly R1 held on to 5329 Weekly R2 (9:38:10 AM) : bulls gonna have a tussle (10:05:52 AM) : price dipped to the 5286 weekly r1 and now looking to give it ago again (10:06:16 AM) : it's either potential reaccmulation or distribution (10:06:30 AM) : the dip a potential spring for higher highs (10:15:02 AM) : holding 5294 R2 for now (10:30:08 AM) : I'm still seeing buying but it may take a while
That was the tell for me.
Wyckoff Trader,
P.S. If you've read this analysis, you might be curious when the best time to consider a position: (Sydneys / AI Read)
Based on the chat logs provided, it appears that the Wyckoff Trader was expecting a potential upswing in the eMini futures market. Here's a breakdown of the key points:
1. The Composite Man (a Wyckoff trading concept) is seen as ready to lift the offers to higher highs.
2. The trader mentions that the algos (algorithmic traders) did not keep the price down, indicating that there was buying pressure.
3. The trader notes that there are just a few shelves of supply to absorb before the price can move upward.
4. The trader mentions that it's an election year and that the gold is gone from the emergency reserves, which could lead to increased market volatility.
5. The trader notes that the high-powered expert (Okie Doke) is buying, and that the price is being lifted from 9:38 to 9:43 AM.
6. The trader mentions that the weekly pivot held at 5329 and that the R2 level is at 78.
7. The trader notes that the price dipped to the 5286 weekly R1 and is now looking to give it another try.
8. The trader suggests that the dip could be a potential spring for higher highs.
Based on this information, it appears that the best time to have put a trade on the eMini futures market would have been around 9:38-9:43 AM, when the high-powered expert (Okie Doke) was buying and the price was being lifted.
Additionally, it is important to keep in mind that the market can change quickly and what was a good trade opportunity at one point may no longer be valid at another. It is essential to use risk management techniques such as stop losses and position sizing to protect your capital.
With that started here are the "PROSE and THE NUMBAHS"
good morning today is SERIES S2L with the spill up.
News: CPI & Retail Sales & Empire State Manufacturing Index at 8:30, Business Inventories & Housing Market Index at 10:00, EIA Petroleum Status Report at 10:30, 4-Month Bill Auction at 11:30, Neel Kashkari Speaks at 12:00, Michelle Bowman Speaks at 3:20, Treasury International Capital at 4:00. All times EST.
Last Night: See Actionalble Trade Plan above.
Edge: Place your bets: higher or lower?
7/8/9 AM: Price is holding on to the 30 handle.
Today: See Actonable Trade Plan above.
Bulls Want: 47, 67, 89
Bears Want: 21, 16, 99
Globex: 14 handle trading range on 128 K volume.
Cycle Bias: Favored to the bull.
Tone: VIX trading at 12.38
Shape of the day: Odds and Probabilites.
Honing: Spill up, AM LOW, (NO MID AM), lunch high, mid pm low, LAST HOUR HIGH.
Bill Fish (4H/4D) Got long on the 9:55 am pullback. LONG
Tuna (30m 1+D) Got out on the rally. LONG
Sardine (5M-1D) Got long at lunch out at close. OUT.
Pre Opening: Seeing 10K of supply on numbers.
The clock is used for timing your entries and exits. Position long at the lows exit at the highs. Get short at the highs buy in at the lows. When the trend is in, WB's clock is your friend!
Your edge is a series of trades, not just one trade or one day.
Dates: March 25 Worm Moon 3:00 a.m. Spring Equinox March 20 5:24 pm (all times est)
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